Point72 Asset Management L.P. Buys New Shares in Shoe Carnival, Inc. (NASDAQ:SCVL)

Point72 Asset Management L.P. purchased a new position in shares of Shoe Carnival, Inc. (NASDAQ:SCVL) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,883 shares of the company’s stock, valued at approximately $346,000.

Other large investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in shares of Shoe Carnival in the 2nd quarter valued at about $41,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Shoe Carnival in the third quarter valued at approximately $62,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Shoe Carnival in the third quarter valued at approximately $76,000. FMR LLC boosted its stake in shares of Shoe Carnival by 8.7% during the 3rd quarter. FMR LLC now owns 4,266 shares of the company’s stock worth $187,000 after acquiring an additional 343 shares during the period. Finally, Everence Capital Management Inc. acquired a new position in shares of Shoe Carnival during the 3rd quarter worth approximately $224,000. Institutional investors and hedge funds own 66.05% of the company’s stock.

Analyst Ratings Changes

SCVL has been the subject of a number of research analyst reports. Williams Trading lifted their price objective on shares of Shoe Carnival from $42.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. StockNews.com upgraded shares of Shoe Carnival from a “sell” rating to a “hold” rating in a research note on Saturday, November 30th.

Insider Transactions at Shoe Carnival

In related news, Chairman Wayne J. Weaver purchased 285,500 shares of Shoe Carnival stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $33.91 per share, with a total value of $9,681,305.00. Following the completion of the transaction, the chairman now directly owns 4,173,529 shares of the company’s stock, valued at $141,524,368.39. This represents a 7.34 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 34.70% of the company’s stock.

Shoe Carnival Price Performance

Shares of NASDAQ SCVL opened at $34.36 on Friday. The firm has a market cap of $933.73 million, a P/E ratio of 12.63 and a beta of 1.53. The business’s 50 day moving average is $36.21 and its 200-day moving average is $38.57. The company has a current ratio of 3.88, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. Shoe Carnival, Inc. has a 1-year low of $24.94 and a 1-year high of $46.92.

Shoe Carnival (NASDAQ:SCVL) last posted its earnings results on Thursday, November 21st. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.01. The company had revenue of $306.90 million during the quarter, compared to the consensus estimate of $316.97 million. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The company’s revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 earnings per share. Equities research analysts predict that Shoe Carnival, Inc. will post 2.6 earnings per share for the current year.

Shoe Carnival Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 27th. Shareholders of record on Monday, January 13th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.57%. Shoe Carnival’s payout ratio is presently 19.85%.

Shoe Carnival announced that its board has authorized a share repurchase plan on Thursday, December 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Shoe Carnival Company Profile

Shoe Carnival, Inc, together with its subsidiaries, operates as a family footwear retailer in the United States. The company offers range of dress, casual, work, and athletic shoes, as well as sandals and boots for men, women, and children; and various accessories. The company also operates stores, and sells its products through online shopping at shoecarnival.com, as well as through mobile app.